Upwork operates a two-sided online marketplace connecting businesses with freelance talent across software development, AI, design, marketing, writing, and thousands of other skill categories. Clients post jobs, and Upwork's AI-powered matching surfaces relevant freelancers, who submit proposals; the platform then manages contracts, collaboration, payments, and feedback. Upwork primarily earns revenue by taking a percentage of GSV (the total dollar value of work transacted on the platform), with a blended take rate of roughly 20% in FY25. Take rate is built from talent service fees, client marketplace fees, subscriptions (Freelancer Plus, Business Plus), and ads and monetization products like promoted listings and Connects tokens — the last of which grew 24% YoY in Q4 FY25 and has been a consistent take rate expansion driver. Upwork organizes revenue into two segments: Marketplace (~86% of revenue), which covers the core platform and its monetization products, and Enterprise (~14%), which covers Lifted, a contingent workforce solution for large enterprises offering independent contractor management, employer of record, staff augmentation, and managed services. Upwork's growth strategy centers on three areas: making the marketplace AI-native via its Uma AI assistant, expanding Business Plus for larger SMBs, and scaling Lifted for enterprise clients with significant contingent workforce spend. Upwork has no physical inventory, and its cost base is primarily people and AWS-hosted technology infrastructure.